I've heard you can get an 09 KLR for $3999 right now. What was a very good value got a lot better - provided it is the right bike for you (it isn't for me). I would also be a little leary of the oil burning issue - which may or may not have been taken care of (haven't heard one way or another).
Right off the bat it has great fuel range and can carry loads. Right off the showroom floor, it is truly an "Adventure Bike" in the sense that you can go long distances on it over varied terrain. For all it's detractors - try to find an adventure ready bike anywhere near the price of a KLR (not that it does anything great). It's a half-price KTM 640 (and probably less than half performance).
On the downside, it is a big heavy pig. At 5'8", it is waaaay too big for me to consider taking on anything other than fireroads. We had a rider go down on a pre-08 KLR yesterday and, although it was somewhat loaded, I could barely get it upright. Seriously - it's not even close to a dirt bike. It's listed at 432 pounds (about 100 pounds more than my XChallenge - or a TE610 or 50 pounds more than a DR650). Only 20 pounds less than a Versys and 40 pounds less than a VStrom. (I would go for one of those - but that's me)
But if you're a bigger guy who doesn't plan on doing aggressive trails (or you have the ability/balls to take it on those trails), it's a great value.